As crypto markets began a recent surge, ATOM made a bullish move to a new resistance level not seen since May 23, when the token price reached above the $12.30 point. In the latest uptrend, SOL also has been trading higher, climbing up to the $45.00 resistance level where it was back on July 30. Is August showing us that the bulls are charging once again, or could it be that the bears are just taking a short nap in their dens?
Cosmos rose to its highest point since May earlier in today’s session, as crypto markets surged on Thursday. The global market cap is trading over 6.27% higher as of writing, with bullish sentiment sweeping through. Solana was trading over 10% higher in today’s session.
Cosmos (ATOM) was trading higher on Thursday, as the token rallied to its highest point since May.
Following a low of $11.72 in today’s session, ATOM/USD surged to an intraday peak of $12.27 earlier in the day.
This was the most ATOM has traded at since May 23, when the token was at a top above the $12.30 region.
Looking at the chart, this latest surge in price came following a rebound from a support point of $11.15, which came during Wednesday’s session.
This increase in price pushed the 14-day relative strength index (RSI) to a resistance level of 63, which has been in place since July 21.
Should bulls in ATOM look to extend this recent run of form, then we will need to see the index move beyond this ceiling.
In addition to ATOM, solana (SOL) was trading higher on Thursday, as prices climbed by over 10% in today’s session.
After residing at a floor of $39.99 on hump day, SOL/USD surged to a high of $45.00 earlier in today’s session.
This peak saw SOL trade at its most valuable since July 30, when the token was above the current resistance level of $45.00.
Since colliding with this point earlier today, the price of SOL has somewhat slipped, and as of writing is at $44.10.
Bulls seem to have abandoned earlier positions, in exchange for securing profits, which has given way to some slight uncertainty in price movement.
This uncertainty was made greater by the fact that the RSI is also hovering close to its own ceiling of 59.
If we are to see Solana continue its gain, then this resistance point will need to be broken.